Intersections At The Cotabambas Cu-Au-Ag Project

VANCOUVER - Panoro Minerals Ltd. reported on additional drillholes that will provide additional information for the new mineral resource estimation at the Cotabambas Cu/Au/Ag Project in southern Peru.

Drillhole CB-224 intersected 371m of the porphyry stock hosting 316.9m of copper and gold mineralization averaging 0.72% Cu, 0.50g/t Au and 4.01g/t Ag (1.16% Cueq.). The intersection includes a supergene profile of copper oxides and sulfides enrichment intersected 3m from surface and underlain by 168.1m of primary sulfides grading 1.0% Cu, 0.73g/t Au, 5.91g/t Ag (1.64% Cueq), including 94.7m averaging 1.27% Cu, 1.04g/t Au, 7.15g/t Ag (2.17% Cueq). Drillhole CB-212a intersect 200m of the porphyry stock in contact with the diorite host rock, hosting 198.6m of copper and gold mineralization grading 0.83% Cu, 0.74g/t Au, 3.80g/t Ag (1.46%Cu eq). The intersection includes a supergene profile with copper oxides and mix zone intersected from surface and underlain by 163.5m of primary copper sulfide averaging 0.76% Cu, 0.82g/t Au, 4.06g/t Ag (1.46%Cu eq), including 64.0m of primary copper sulfide grading 1.10% Cu, 1.32g/t Au, 4.94g/t Ag (2.21% Cueq).

Luquman Shaheen, President & CEO, said, "This group of nine drillholes completes the 2022-2023 campaign of infill and step out drilling in both North and South Pits, for a total of approximately 13,000m of drilling. The results indicate the potential for an increase in the high-grade component of the Cotabambas Projects resource and an important increase in the total project resource. The high-grade zone has been better delineated indicating that it is structurally controlled in North-Northeast direction, where the high grade zone remains open both along strike, to the northeast of the North Pit, and to the southwest of the South Pit. The high-grade zone is also open at depth. The drilling has also indicated better continuity of the high-grade zone where the potential for additional near surface high-grade resource can increase the mining grade in the early part of the mine life. Our team will now turn its focus to, together with the independent consultants and Qualified Persons, updating the resource estimate and completing the NI 43-101 technical report which is targeted for completion in September. In addition to the update of the resource estimate, our team has been completing trade-off studies aimed to improve the metallurgical recoveries, reduce operating and capital costs and reduce the footprint of the project. Results from these studies are identifying important opportunities to further strengthen the Cotabamabas Projects economics."